Has anyone heard of the GE Prime Rewards?

Hello Vernice,

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GE Prime rewards is a single premium retirement income plan.

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The plan works in this manner:

1. You place a single premium with the insurer
2. The plan becomes capital guaranteed at the end of year 5
3. You start to get an annual cash payout after that for a period of time (determined by you when you apply for the plan), consisting of guaranteed and non guaranteed components. You can reinvest this payout at GE's prevailing interest rate (non-guaranteed) if you wish and take it later. I'm not sure if the plan will 'force' the payout on you at the end of year 5 as I don't distribute GE, so can't play around with the quotation engine. My best guess is yes.
4. The plan ends and either you have received an annual payout for some years, or if you have reinvested all payouts, you get a lump sum maturity amount.

Now, as to whether it is good/worth to buy, would mean that we will have to compare this against other similar plans. So this really depends on the parameters you have in mind, and if such a product is something that you are also looking for in the first place.

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Hope this helps.

GREAT Prime Rewards is an endowment policy:

https://www.greateasternlife.com/sg/en/personal...

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As with all endowment policies, the insurance company is obliged to provide benefits info based on 2 Illustrated Investment Rate of Return (IIRR) of 3% and 4.25%, but these benefits are made up of guaranteed and non-guaranteed components. Even if the underlying par fund meet the IIRR, your ROI would likely be lower than the IIRR.

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However, if you are looking at a relatively safe returns, endowment policy can serve the purpose.